                                 CODE OF VIRGINIA

FORM AND SALE OF BONDS; PRESUMPTION OF VALIDITY (§ 36-30)

Bonds of an authority shall be authorized by its resolution and may be issued in
one or more series and shall bear such date or dates, mature at such time or
times, bear interest at such rate or rates, be in such denomination or
denominations, be in such form, either coupon or registered, carry such
conversion or registration privileges, have such rank of priority, be executed
in such manner, be payable in such medium of payment, at such place or places,
and be subject to such terms of redemption (with or without premium) as such
resolution, its trust indenture or mortgage may provide.
		The bonds may be sold at public or private sale at not less than par.
		In case any of the commissioners or officers of the authority whose signatures
appear on any bonds or coupons shall cease to be such commissioners or officers
before the delivery of such bonds, such signatures shall, nevertheless, be valid
and sufficient for all purposes, the same as if such commissioners or officers
had remained in office until such delivery. Any provisions of any law to the
contrary notwithstanding, any bonds issued pursuant to this chapter shall be
fully negotiable.
		In any suit, action or proceedings involving the validity or enforceability of
any bond of an authority or the security therefor, any such bond reciting in
substance that it has been issued by the authority to aid in financing a housing
project to provide dwelling accommodations for persons of low income shall be
conclusively deemed to have been issued for a housing project of such character
and such project shall be conclusively deemed to have been planned, located and
constructed in accordance with the purposes and provisions of this chapter.

HISTORY: 1938, p. 454; Michie Code 1942, § 3145(15); 1972, c. 466; 1980, c.
133.